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Home. Financial System. Financial Stability. Macroprudential Policy.

Mortgage Measures

In this Section

Mortgage Measures - FAQ. Mortgage Measures Framework Review. New Mortgage Lending - Data and Commentary

Mortgage Measures

The mortgage measures are an essential aspect of the Reserve bank's macroprudential policy framework.

The mortgage measures aim to guarantee sustainable financing requirements in the mortgage market.

In doing so, the steps want to avoid the development of an unsustainable relationship in between credit and home rates and eventually support the durability of debtors, loan providers and the wider economy.

The steps work by setting limits on the amount of money that people can borrow to purchase domestic home utilizing loan-to-income (LTI) and loan-to-value (LTV) limits.

The LTI limit restricts the amount of cash you can obtain to a maximum of 4 times gross earnings for first-time-buyers and 3.5 times gross earnings for second/subsequent purchasers.

So, for instance, a novice purchaser couple with a combined income of EUR100,000 can borrow up to an optimum of EUR400,000.

A second and subsequent buyer with the exact same earnings can obtain up to a maximum of EUR350,000.

The LTV limitation requires you to have a minimum deposit before you can get a mortgage. The size of this deposit depends on which classification of purchaser you are.

- First-time-buyers and second/subsequent buyers need to have a minimum deposit of 10%.

Buy-to-let buyers require to have a minimum deposit of 30%.

Banks and other lenders can provide a particular quantity above the limitations.

The proportion of loaning allowed above the limits applies at the level of the debtor type, such that:

- 15 per cent of first-time-buyer loaning can happen above the limitations.
15 per cent of second and subsequent purchaser loaning can take place above the limits.
10 percent of buy-to-let-buyer loaning can happen above the limits.

The Reserve bank has actually set out the essential principles of the structure for the macroprudential mortgage measures in its framework document.

The Central Bank frequently keeps an eye on the mortgage procedures and housing markets more broadly and interacts its findings and judgements on these in its biannual Financial Stability Review.

Evolution of the mortgage measures 2015 - 2021

These steps were first introduced in 2015 and were evaluated on an annual basis up until 2021.

The following provides previous evaluations of the mortgage measures, associated research study and Statutory Instruments.

2021 Review of Mortgage Measures (FSR 2021: II)

2020 Review of Mortgage Measures (FSR 2020: II)

2019 Review of Mortgage Market Measures (FSR 2019: II)

2018 Review of Mortgage Market Measures

2017 Review of Mortgage Market Measures

2016 Review of Mortgage Market Measures

The policies have actually been based upon thorough economic analysis and empirical evidence. This research has actually been published and can be found below.

Economic Letter: Macroprudential Measures and Irish Mortgage Lending: An Evaluation of Recent Data

Policy Paper: The Introduction of Macroprudential Measures for the Irish Mortgage Market

Research Technical Paper: Credit conditions, macro-prudential policy and house prices

Research Technical Paper: Designing macroprudential policy in mortgage financing: Do first-time-buyers default less?

Economic Letter: Do Very first time buyers default less? Implications for macro-prudential policy

Economic Letter: Mortgage insurance in an Irish context

Economic Letter: House price volatility: The function of different purchaser types

Economic Letter: Assessing the impact of macro-prudential measures

Economic Letter: Macro-prudential steps and the housing market

Economic Letter: Macro-prudential Tools and Credit Risk of Residential Or Commercial Property Lending at Irish banks

Economic Letter: Assessing the sustainability of Irish domestic property costs: 1980 Q1 - 2016 Q2

Economic Letter: Housing supply after the crisis

Economic Letter: Exploring developments in Ireland's regional rental markets

Economic Letter: Modelling Irish Rents: Recent Developments in Historical Context

Economic Letter: Macroprudential Measures and Irish Mortgage Lending: Insights from H1 2016

Economic Letter: The Effects of Macroprudential Policy on Borrowers Leverage

Economic Letter: Model-based price quotes of the strength of mortgages at origination

Economic Letter: Originating Loan to Value ratios and the strength of mortgage portfolios

Economic Letter: The earnings distribution and the Irish mortgage market

Economic Letter: Macroprudential and Irish mortgage loaning: A summary of financing in 2016

Economic Letter: Macroprudential procedures and Irish mortgage lending: Insights from H1 2017

Economic Letter: New mortgage lending activity in a comparative context

Financial Stability Note: Macroprudential procedures and Irish mortgage lending: An overview of 2017

Financial Stability Note: Macroprudential measures and Irish mortgage financing: Insights from H1 2018

Financial Stability Note: Lending above macroprudential mortgage limitations: The Irish experience considering that 2015

Financial Stability Note: Have First-Time Buyers continued to default less?

Financial Stability Note: Mortgage maintenance concerns and LTI caps

Financial Stability Note: A step of bindingness in the Irish mortgage market

Financial Stability Note: Mortgage debtors at the loan-to-income limit

Financial Stability Note: Mortgage repayment price across the earnings circulation

Financial Stability Note: A summary of the Irish housing market

2022 Regulations (Statutory Instrument No. 546 of 2022)

The following Statutory Instruments will be revoked with result from 1 January 2023

2015 Regulations (Statutory Instrument No. 47 of 2015)

2016 Regulations (Statutory Instrument No. 568 of 2016)

2017 Regulations (Statutory Instrument No. 559 of 2017)

2019 Regulations (Statutory Instrument No. 369 of 2019)

2021 Regulations (Statutory Instrument No. 666 of 2021)

The regulations were likewise notified by a public assessment issued in 2014. The Central Bank of Ireland released a feedback document supplying a summary of reactions to the submissions made throughout the consultation procedure and the review process carried out by the Central Bank of Ireland.

For further information see: CP87 Macro-prudential policy for domestic loaning.

About the Mortgage Measures Framework Review

Over the course of 2021 and 2022, the Central Bank conducted an evaluation of the mortgage determines structure. The function of the review was to make sure that the mortgage measures continue to stay suitable for purpose, because of the evolution of the monetary system and the more comprehensive economy since the steps were first introduced in 2015.

The evaluation considered the overall structure for, and technique around, the mortgage steps. The conclusions of the evaluation were informed by the Central Bank's analysis of a wide variety of evidence, lessons from global experience and the feedback gotten through engagement with the public and other stakeholders. The evaluation concluded in October 2022 with the publication of the revised structure for macroprudential mortgage steps.